SpaceX’s AI revenue more than trebled from the previous quarter to $2.56 billion, with the majority of that coming from deals to lease data center capacity to rival AI groups including Anthropic and Google.
That approach has boosted SpaceX’s short-term revenues while limiting its capacity to train and run its own competitive AI models.
Dec Mullarkey, managing director of SLC Management, said SpaceX’s data center leasing could hamper it. “Their margins are going to be capped if they are primarily a cloud company,” he said.
SpaceX’s $1.65tn market capitalisation also hinges on Musk achieving ambitious goals such as reaching Mars with reusable rockets, putting data centers into orbit and playing a critical role in developing AI.
Goldman Sachs, a bookrunner on SpaceX’s offering, expects the company’s AI revenue to increase 100-fold by 2030. Musk said on Tuesday that SpaceX could hit $1tn in revenue by the end of the decade.
